Essay Example on Funding for HSC: Reduce Cancellations to 92% Completion Ratio

HSC is an organization that work towards ensuring that it gets skilled technical staff members from the area hospital. However, it needs to improve its operations and this is only possible through getting extra funding. The main goal for getting the extra funding is to reduce the number of cancellations to under eight percent creating a 92% completion ratio.

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The company is privately owned and it has two principle shareholders at 50%. The company might be in need of getting capital from private equity firms. The idea is good since it gives an institution and individuals to invest directly and get ownership in companies. However, it might make the principle shareholders to lose their ownership stake, management control, and having different definitions of value (Great Britain, 2007). The external sources of finance includes equity share in which there is sharing of ownership rights as the rights of the current shareholders are diluted, debentures which does not control the investor's share, term loan, and preferred stock.

The capital assets of the company ranges from $200,000 to $1, 000, 000. The company is currently profitable and with the additional finances it can perform better and even earn more profit. Furthermore, the profitability of the company has been achieved through the leadership team that offers unity and engagements. With regards to Health Care issues with transactions, Charge master can carry one amount, but it does not disclose the amount received by insurance reimbursements. MRI Service can Charge Master at $6k but the center may only receive $1.5k from reimbursements. This shows the importance of the organization being more reliable and accurate in its operations.

The main reason why the organization needs external funding is to help it reduce service cancelations. The issue of cancellation has made HSC to lose revenue in most cases and if the issue is not corrected then it might affect its operations. It can be done by having appointment cancellations which are not filled already and reduce account receivable wait time by collecting deductibles at time of service.

Financing the project will make the company to reduce its cancellations that further helps it to be more reliable and accurate. If HSC is reliable and accurate then more clients will seek for its services and this will result in increased profits. Also, QueueDr software will be used in providing the patients with confirmations, waitlists, cancellation tracking, and other automated scheduling needs (Davis & LaCour, 2016). Currently, most of the patients prefer making their appointments between 10.00 am and 12.00 pm. Therefore, the issue should be resolved to ensure that the patients are equally distributed in the allocated time. However, HSC can also resolve the issue by having more employees to serve the clients at the preferred time to ensure that the company does not lose its clients. In a case where a client has to make cancellation then it should be done within 12 hours to ensure that HSC and staff are not inconvenienced.

Currently, social media is regarded as one of the platforms for advertising. The reason is because it ensures that the ad reaches several individuals in the globe. The KPIs that will be used in measuring the performance of the organization includes customer satisfaction, employee satisfaction, achieving goals, and high employee turnover rate (Parmenter, 2007). Therefore, the external funding is so essential for the organization as it will enable it achieve its set goals and objectives.

References

Davis, N. A., & LaCour, M. (2016). Foundations of Health Information Management - E-Book.

Great Britain. (2007). Private equity. London: TSO.

Parmenter, D. (2007). Key performance indicators: Developing, implementing, and using winning KPIs. Hoboken, N.J: John Wiley & Sons.